Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Sembiam village, under the Sembiam SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Gandhi Street has changed

Over the years, the guideline value for Gandhi Street has seen significant changes. The earliest recorded figure in the register is from 2002, with a value of Rs 375 per sq.ft. This increased to Rs 407 per sq.ft in 2003, marking a 9% rise. Following this, the value jumped to Rs 800 per sq.ft in 2007, reflecting a 97% increase. The 2012 revision set the value at Rs 1,800 per sq.ft, which was a 125% increase from the previous figure. However, this was followed by a decrease to Rs 1,206 per sq.ft in 2017, a drop of 33%.

In the subsequent revisions, the guideline value rose to Rs 1,800 per sq.ft in 2023, a 49% increase from 2017. The latest revision in 2024 has set the value at Rs 1,900 per sq.ft, indicating a 6% increase from the previous year. There are no figures available for the revisions in years not listed in the register.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, placing Gandhi Street's 2024 figure below that median.

• Erukkancherry High Road: Rs 4,400 per sq.ft (2024)
• Elumalai Street: Rs 1,900 per sq.ft (2024)
• Gopala Reddy Colony North Main Road: Rs 4,900 per sq.ft (2024)
• Gopala Reddy Colony South Main Road: Rs 4,900 per sq.ft (2024)
• Gopala Reddy Colony West Main Road: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 1st Cross Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would amount to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Street?

The Sub Registrar Office that covers Gandhi Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sembiam

The guideline value is a crucial factor during property transactions in Sembiam. It serves as a benchmark for determining the stamp duty and registration fees applicable when registering a property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Gandhi Street has changed from Rs 375 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, reflecting various increases and decreases across the years.

What is the land classification for Gandhi Street?

The land classification for Gandhi Street is Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Gandhi Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total costs would be Rs 1,71,000.

Where is the Sub Registrar Office for Gandhi Street located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011, and it handles registrations for properties in Gandhi Street.